BOARD OF COUNTY COMMISSIONERS
Agenda Item #16
QTI: Resolution supporting the request by Nanotherapeutics, Inc. for participation in the Qualified Target Industry. (Amended)
Request Approval of the Resolution supporting the request by Nanotherapeutics, Inc. for the participation in the Qualified Target Industry (QTI).
Approve the Resolution supporting Nanotherapeutics, Inc. participation in the QTI Program and authorize the Chair's signature.
Denny the Resolution.
County Manager's Office
Copy of Application (General Project Overview) supporting Nanotherapeutics, Inc. QTI participation, Resolution in support of Nanotherapeutics, Inc. QTI participation, project matrix and project evaluation.
Documents Requiring Action
Resolution supporting the application by Nanotherapeutics, Inc. for participation in the QTI.
Nanotherapeutics, Inc. wishes to participate in the Qualified Target Industry (QTI) Program and is requesting that the County Commission make a financial commitment of $105,000 payable over a period of four years anticipated to begin in FY2012/13, pending job creation, as the County's portion of the local match for the program. Nanotherapeutics, Inc. is currently located at 13859 Progress Blvd., Alachua, FL 32615 and proposes and expansion within the municipal boundaries of the City of Alachua at the Progress Corporate Park. The QTI is a tx refund program used as an incentive to encourage the creation of high wage jobs in targeted high value-added industries. The Florida Department of Economic Opportunities (DEO) has qualified Nanotherapeutics, Inc. based upon the type of business and the average salaries. Therefore, the State will pay 80% of the refund while the City of Alachua, and Alachua County will share the remaining 20% equally distributed. The City of Alachua Commission is expected to consider Nanotherapeutics' QTI application sometime in July 2012.
Nanotherapeutics, Inc. began as a startup in the University of Florida Sid Martin Biotechnology Institute. Nanotherapeutics, Inc. is a privately-held biopharmaceutical company based in the City of Alachua, Florida with a diversified portfolio of proprietary technologies and products. The company has a strong history in supporting and advancing the biotechnology industry in Alachua County and the state of Florida. The company is the principal for proposing on a $400 million Request for Proposal (over 10 years) from the Federal Government to address the development and manufacturing of pharmaceuticals. The project will make a capital investment of $150 million over the next 5 years, including construction of a new facility approximating 145,000 square feet. The facility will be a combination of GMP manufacturing, GLP life sciences research laboratories and administration offices. Nanotherapeutics, Inc. will employ 150 new employees anticipated to begin hiring in FY 2012/2013 with an average annual compensation of $90,000 per year and an estimated $16,000 in benefits per worker. The benefits include health insurance, 401(k) contributions, vacation and sick leave. The company also expects to retain 45 existing local jobs as part of the project.
Economic development incentives are playing a key role in the company's decision to locate this new facility in the City of Alachua/Alachua County. The incentive dollars will be used to construct the facility and support ongoing operations after construction is completed. The equipment will include biological manufacturing and R&D equipment. As stated in the company's proposal, City of Alachua/Alachua County is in a competitive situation for the NANO-ADM proposal. All competitors are outside the state of Florida. Known competing bidding groups are separate consortia from at least Ann Arbor, Michigan. All other competing locations outside Florida have existing facilities which can be retrofitted versus greenfield construction required in Alachua. It is the company understanding that all competitors are receiving substantial financial support from their states. The contract that the company is competing for is extremely competitive award. The Federal Government will be paying 100% of total equipment cost. It is very important to demonstrate local and state financial commitment to support and win this contract.
A total of $105,000 payable over the period of four years anticipated to begin in FY2012/13.
Deny the Resolution.
General Fund (Qualified Target Industry Budget)
Attachment: Exhibit A Nanotherapeutics.pdf
Attachment: Exhibit B BOCC Nanotherapeutics Resolution.pdf
Attachment: Exhibit C Nanotherapeutics Project Evaluation Matrix.pdf